A digital screen operated by Bithumb in Gangnam, southern Seoul, shows bitcoin prices falling after reports were made of a Federal Reserve meeting that suggests an increase of interest rates on Thursday.
The won is weakening against the dollar, but foreign investors are still buying Korean shares amid positive outlook for local chip stocks.
Korean stocks slumped more than 1 percent Wednesday amid concerns about rising inflation. The Korean won fell against the dollar. The benchmark Kospi decreased 32.29 points, or 1.09 percent, to close at 2,930.17 points. Trading volume was ...
Silver bars displayed at the Korea Gold Exchange in Jongno, Seoul, on Thursday.
According to the Bank of Korea, Korea's foreign exchange reserve at the end of July reached a record amount of $458.7 billion, up 1 percent, or $4.6 billion, on month.
A digital screen in Hana Bank's trading room in central Seoul shows the local currency closing at 1,145 won against the dollar, up 6.9 won from the previous session's close. The won to dollar exchange rate was the highest since October 12, 2020.
With the growing fear of inflation, wealthy people are rushing into safe haven assets — gold and the dollar.
According to data from the Bank of Korea, foreign exchange reserves came to $456.46 billion as of the end of May, up $4.15 billion from a month earlier.
Major Korean financial holding firm Shinhan Financial Group said Thursday it has raised $500 million by selling U.S. dollar-denominated notes.
According to the Bank of Korea (BOK), Korea's foreign exchange reserve at the end of April was $452.3 billion, up $6.2 billion on month. This is also higher than the record of $448 billion at the end of February.